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MPEG Layer-3 format. Very popular format for keeping of music.
The mp3 algorithm development started in 1987, with a joint cooperation of Fraunhofer iis-a and the university of erlangen. it is standardized as iso-mpeg audio layer 3. it soon became the de facto standard for lossy audio encoding, due to the high compression rates (1/12 of the original size, still remaining considerable quality), the high availability of decoders and the low cpu requirements for playback. (486 dx2-66 is enough for real-time decoding). it supports multichannel files (although there's no implementation yet), sampling frequencies from 16khz to 24khz (mpeg2 layer 3) and 32khz to 48khz (mpeg1 layer 3). formal and informal listening tests have shown that mp3 at the 192-256 kbps range provide encoded results undistinguishable from the original materials in most of the cases.
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